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Valterra Signs Letter of Intent to Option Properties in the Thompson Nickel Belt, Manitoba
Vancouver, British Columbia--(Newsfile Corp. - July 11, 2023) - Valterra Resource Corporation (T...
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[{"type":"text","content":"Valterra Signs Letter of Intent to Option Properties in the Thompson Nickel Belt, ManitobaVancouver, British Columbia--(Newsfile Corp. - July 11, 2023) - Valterra Resource Corporation (TSXV: VQA) (\"Valterra\" or the \"Company\") reported today that it has signed a non-binding letter of intent with CanAlaska Uranium Ltd. (\"CanAlaska\") to earn up to an 80% interest in the Strong, Strong Extension, Moak North and Wilson Mineral Exploration Licenses in the Thompson Nickel Belt (\"TNB\"), Manitoba (the \"Licenses\"). (See Figure 1)Figure 1 – North Thompson Dispositions Location MapTo view an enhanced version of this graphic, please visit:https://images.newsfilecorp.com/files/5345/172993_0b2cd1e324a7b8aa_002full.jpgThe transaction is subject to the execution of a definitive agreement which will provide that Valterra may earn:a 49% interest in the Licenses by making a cash payment of $35,000, issuing 5,000,000 common shares (\"Shares\") and incurring exploration expenditures of $2,000,000 over the first 2 years. an increased interest to 70% by making a cash payment of $50,000, issuing 7,500,000 Shares and incurring additional exploration expenditures of $3,500,000 in the third year. an increased interest to 80% by making a cash payment of $65,000, issuing 25,000,000 Shares and incurring additional exploration expenditures of $3,500,000 in the fourth and fifth years.The Company will also pay CanAlaska $3,000,000 after completing a positive feasibility study on the Licenses. The transaction is subject to approval of the TSX Venture Exchange.The four Licenses are located 30 km north of the Thompson Nickel Mine and cover an area of 30,283 hectares. All nickel deposits in the TNB are within and closely associated with ultramafic bodies intruding metasedimentary and metavolcanic rocks of the favourable Proterozoic Opswagan Group, the ultramafic rocks providing the source of nickel and the Opswagan Group providing the source of sulphur. Nickel occurs as pentlandite and pyrrhotite, both Ni (Fe) sulphides. The favourable rocks are known to occur on all Licenses.Nickel was discovered at the Thompson Mine in the early 1950s, and on the Strong License in the 1960s. In total, 6 billion pounds of nickel have been mined in the TNB, regarded as one of the major nickel camps in the world. 114 historical drill holes are reported on the Strong ...